The synergistic combination of experiment and density functional theory has led to the discovery of the first ferromagnetic material, Nb6Fe(1-x)Ir(6+x)B8, containing in its crystal structure iron chains embedded in stacked B6 rings. The strong ferromagnetic Fe-Fe interactions found in the iron chains induce an unexpected strengthening of the B-B interactions in the B6 rings. Beside these strong B-B interactions, strong interlayer metal-boron bonds (Ir-B and Nb-B) ensure the overall structural stability of this phase, while the magnetic Fe-Fe interactions are mainly responsible for the observed ferromagnetic ordering below T(C)=350 K.